While "to wank" means "to masturbate", the term "wanker" is seldom if ever used in British slang to denote "one who wanks". It is quite wrong to infer from somebody's being a wanker that they in fact wank (and vice versa), but of course, fair to assume they do in any case. Herein lies the genius of the insult: if you call someone a wanker, it's probably true, but only literally.

I suppose it all originates from our repressed Victorian sexualities, from back when everybody thought they were the only ones to suffer the secret shame of being an actual wanker.

Most children these days learn the word "wanker" long before they learn its literal meaning.

You're such a wanker.
Oh gosh! How did you know?

He lost both of his hands in a childhood kiting accident.
What a wanker!

1) a bloke who whacks off alot.
2) a term of endearment...an insult that's actually a kind of compliment
3) a total insult

1) ryan's been in the shower for hours! he must be wanking for britain! i always knew he was a complete wanker
2) ryan ya wanker, get your arse down to the pub and i'll buy you a pint
3) tony blair is a fucking wanker.

A commonly used Australian/british/new zealand word used to describe a fuckball, jerk, asshole or jackass.
Another word for tosser, which is usually reffered to when someone is being a tool or a complete dick. The term is usually asscossiated with one who masturbates regularly. Often reffered to as having a wank, hence the term wanker (one who wanks).